Core Insights - The Shanghai Composite Index has surpassed 3800 points, indicating a rapid rotation of market hotspots across different sectors, characterized by structural features rather than a uniform rise in all stocks [1] - Fund manager Shen Li has demonstrated a unique advantage in recent structural market conditions, with three of the four equity products he manages achieving a net value doubling in the past year [1] - Shen Li's investment philosophy focuses on finding growth within value and discovering value within growth, with a continued emphasis on AI computing power and overseas manufacturing [1][4] Investment Strategy - Shen Li has developed a differentiated investment approach that combines value discovery for resilience with dynamic expansion to capture cross-sector opportunities, forming a methodology based on "win rate + odds + industry prosperity" [2] - The strategy emphasizes identifying undervalued or overlooked companies with intact long-term growth logic, rather than chasing high-flying stocks outside of the established capability circle [2] - Shen Li maintains a principle of "buy low, sell high" while expanding his capability circle from consumer and pharmaceutical sectors to technology [2] Portfolio Management - The core of Shen Li's strategy is risk avoidance, focusing on companies in stable economic cycles rather than those in clear downtrends, which enhances portfolio resilience during market fluctuations [3] - Portfolio structure optimization is crucial, with a balanced approach to industry concentration to control volatility while seizing cross-sector opportunities [3] - The shift in strategy has led to a decrease in turnover rate, indicating increased stability in holdings and a foundation for long-term returns [3] Sector Focus - Shen Li is concentrating investments on AI computing power and overseas manufacturing, viewing these sectors as the primary "fishing grounds" for investment opportunities [4] - The AI computing sector is seen as being in the early stages of penetration, with significant growth expected over the next three to five years despite current low demand [5] - In overseas manufacturing, Chinese companies are transitioning from product exports to global brand and channel development, enhancing their competitive advantages [6] Resource Investment - Shen Li identifies investment opportunities in cyclical stocks by capturing new trends in supply and demand, particularly in metals like copper, gold, and lithium, which are evolving into long-term growth sectors [6] - The trend of Chinese companies "going out" is accelerating, with increasing control over mineral resource exploration and development, leading to a tightening supply and faster-growing demand for metals [6]

编者按： 当前资本市场正经历前所未有的变革与挑战，如何借助专业投研力量优化资产配置，成为投资者迫切关注的核心 命题。与此同时，中国公募基金行业正经历从规模扩张向高质量发展的深刻生态变革，基金经理队伍的迭代更新 与投研体系的深度重塑，为市场注入全新活力。 在行业变革与市场波动交织之际，券商中国推出《基金经理周周看》栏目，以"拨云穿雾"的专业视角锚定产业趋 势研判。栏目将通过深度对话优秀基金经理群体，系统解构其投资框架的底层逻辑与市场前瞻思维，构建连接产 业变革与资产配置的专业桥梁，为投资者提供兼具行业深度与市场时效性的价值参考。 本期《基金经理周周看》栏目中，诺安基金权益事业部副总经理、研究部总经理邓心怡表示，科技股估值抬升后， AI等产业仍有趋势，且AI应用带来的预期差较多，个股布局上将识别和聚焦优质公司。财通基金基金经理沈犁善于 用胜率、赔率、景气度构成的"三好"标准来优选成长股，也时常用消费视角挖掘科技股，他表示看好AI算力和出海 制造。安联基金副总经理、首席投资官郑宇尘以及安联基金研究部总经理、基金经理程彧认为，这一轮行情的根本 动力并非短期资金，而是企业长期竞争力提升、系统性风险缓和与政策托底三大因素 ...